You’re only a first-time buyer once. With the right advice and financial preparation, you can make your home ownership dream a reality.
We can help you with:
- Clear information about how much you can borrow
- What type of mortgage is right for you
- How to get mortgage ready
- Tips to reach your savings goals
How much deposit does a first time buyer need?
Typically, you’ll need between 10% and 20% of the property’s value as a deposit. This is to secure your mortgage. Each lender is different, but our team will be on hand to guide you every step of the way.
Is there help available for first time buyers?
If you have a small deposit but big dreams, there are schemes out there to help first time buyers. These government-backed schemes help people get onto the property ladder with a smaller deposit.
Shared Ownership Scheme
This scheme allows you to buy a share of the property. You then pay rent to a landlord on the rest. You can buy a share between 10% and 75%. You can buy more shares in the future and pay less rent as a result.
You can pay up to £4,000 into a lifetime ISA each year until you’re 50. The government will add a 25% bonus to your savings, up to a maximum of £1,000 per year. You can use this money to purchase your first home valued at £450,000 or less.